QLD announces low-interest loans for flood hit farms, businesses

Low interest government loans have been launched to help flood-hit farmers and businesses rebuild, as estimates of sugarcane loss in the Herbert skyrocket. See who’s eligible.

Sugarcane inundated by Haughton River floodwaters in the Burdekin

Low interest government loans have been launched to help flood-hit farmers and businesses rebuild, as estimates of sugarcane loss in the Herbert skyrocket.

Senator Susan McDonald said the Herbert had suffered a devastating loss of between 500,000 tons and a million tons of cane, with the upper figure representing about a quarter of the total harvest in the Hinchinbrook district.

“That means just not the cane farmers but the harvesters, the mill workers and of course that flows through to the businesses or people who work in businesses in town,” Ms McDonald said.

“This is a very significant event for this region … the damage that’s been done to crops is very, very bad.”

The 500,000+ tonne estimate has been confirmed with Ingham agricultural expert Lawrence Di Bella, who put it at as much as a million tons of sugar cane lost in the disaster.

Sugarcane inundated by Haughton River floodwaters in the Burdekin

On Thursday, Queensland Regional and Rural Development Minister Dale Last announced the new disaster loans with Primary Industries Minister Tony Perrett to launch a new round of disaster loans.

Mr Last said the loans allow primary producers, small businesses and not-for-profits hit by last week’s weather to loan money from the government at a low 2.14 per cent interest rate.

“These loans are 2.14 per cent, and they can be locked in for ten years,” Mr Last said.

“That is extremely competitive for anyone out there trying to borrow money at the moment.”

The loans only apply for those in seven northern council areas: Cairns Regional Council, Yarrabah Aboriginal Shire Council, Cassowary Coast Regional Council, Hinchinbrook Shire, Palm Island Aboriginal Shire, Townsville City Council, and the Burdekin Shire.

Burdekin MP Dale Last, QCAR chair Christian Lago and primary industries minister Tony Perrett in Ayr.

The loans have two levels – a $250,000 Disaster Assistance Loan for those directly affected, and a concessional $100,000 Essential Working Capital Loan.

Mr Last said the $250,000 disaster loan will help people repurchase ruined equipment, rebuild infrastructure, and even purchase livestock, while the Essential Working Capital loan can help those who indirectly lost cash flow due to the floods and need help covering wages and rent.

Primary industries Tony Perrett flew into Townsville on Thursday to begin meeting with farmers, and he believes the loans will inject a bit of “hope”.

“(Flooding) does affect their mental health, there is no two ways about that when you see perhaps your livelihood washed away in front of you, it does have that long term effect,” Mr Perrett said.

“But by providing the level of assistance required, government can give some hope, and once you give hope people can see a future and that’s important, particularly as we look to expand agriculture in this state.”
For loan applications visit the QRIDA website, www.qrida.qld.gov.au, or call 1800 623 946.

Primary producers interested in freight subsidies can contact Queensland’s Department of Primary Industries on 13 25 23 or via www.daf.qld.gov.au.

Originally published as QLD announces low-interest loans for flood hit farms, businesses